On the 15th of June, 2021 at 16:00 UTC, Decentralized Club had the honor of hosting Denis Lam, Founder of the Vera Network for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.
The session was divided into four segments. Introductions were made in Segment 1, questions from the website and Twitter community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
If you missed this event and would like to know what Vera Network is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.
Segment 1 - Introduction
We have an AMA with @denis_lam in a couple of minutes 😁
Ready to rock and roll with DC
Today, we have with us a guest from Vera Network.
You're welcome and it's an honor to have you here.
My name is May, and I'll be your host for the AMA session today.
Could you please tell us more about yourself and your job description at Vera?
Hi all! My name is Denis and I am the Founder of Vera.
I began coding at age 6 and launched my first start-up gig at age 14. I have a background in Engineering from the University of California, Berkeley and I am a serial entrepreneur and full-stack product engineer. I have 10+ years of cross-functional experience working with startups, Fortune enterprises, and venture capital funds. I am passionate about working with firestarters to democratize access to products/services and disrupt the status quo.
Age 6? You're a genius, Sir 😁
Nice to meet you and you're welcome to the Decentralized Club.
Shall we move to the introductory questions?
Q1. Can you tell us the goals that birthed the idea of Vera?
Absolutely. The founders of Vera have decades of real-world experience in both the technology and blockchain industries. Our engineering team for example has built blockchains for the 4th largest custodian bank in the world with $14 trillion in assets and many other big clients. One of the biggest problems we have worked on solving (and this problem has hindered blockchain adoption by real-world companies) using blockchain is how to make sure data outside the blockchain is "true".
When NFT becomes really popular in 2021, we think it is about time NFTs can be used to help with making sure things people own can be represented on a chain so that ownership is verifiable.
In Latin "vera" means "true" or "truthful." Vera aims to protect our "true" universal human right to property ownership using technology.
Deep! I love the origin of the project's name and the mission of the project as well.
Q2. How easily does Vera make the process of tokenizing any asset, minting, and managing the NFTs created?
We believe NFTs are still in their infancy and while there's a lot of speculation ($70 million for pixel art anyone?)Truly sustainable adoption will only occur when NFTs are accepted by users or businesses of one or more real-world asset classes. This means a lot of experimentation and trial and error needs to occur by more projects and developers.
We are not too focused on minting an object because every other project and marketplace can let you mint objects. And there is no shortage of marketplaces nor is minting hard to achieve from a technology standpoint.
What the market today lacks are the tools to help a developer or founder (that doesn't know how to code) build their own marketplace faster, cheaper, and easier that supports more than just buy/sell NFTs. Things like decentralized lending, leasing, and liquidity financial transactions...
Vera will be the "Unity" gaming engine or "WordPress" of NFTs.
Proven, Battle-tested, Audited - Vera Network allows developers to quickly and securely deploy smart contracts reducing technical debt, financial debt, and complexity. Vera's open-source framework allows for teams to focus on solving actual problems.
The Framework enables developers to mint, lend, lease, pool, trade, and exchange NFTs with a frontend implementation and full cross-chain support. Developers have the software pallet to paint their business canvas.
"Vera has already invented the wheel, brakes, and steering. Go invent the car."
"..the WordPress of NFTs.."
I like that!
Q3. Who are your partners and also what is the utility of the $VERA token?
Currently, Vera is backed by many strategic partners in the NFT and broader blockchain world including Animoca Brands, OKEX Blockdream Ventures, AU21 Capital, GBV, DFG Capital, Spark Digital Capital, Morningstar Ventures, Momentum 6, Shima Capital, Gate.io, Lotus Capital, SL2 Capital, ROK Capital, Kryptos Research, and Moonwhale Ventures.
The utility of our token includes but not limited to:
Hold tokens to gain access to Vera Network services
Spend VERA on premium products and services
Stake VERA to receive rewards or a portion of network fees
Receive discounts on Vera products when paying in VERA
Potential % of network fees will be used to buyback and burn VERA, decreasing circulating supply
Monetized locked VERA tokens
Vera Network Governance - token holders can vote for changes and improvements to our network
Those are some big names in crypto! Impressive!!
The utility looks amazing as well.
Q4. How does Vera plan to reinvent the global economy?
How does Vera save the world? Just kidding. That's a pretty big expectation you have for Vera! :)
We believe NFTs will be the future for a Web 3 global economy. Unlike fungible assets (i.e. cryptos like Bitcoin) where the mainstream must be educated and convinced to trust the value in them, NFTs represent existing real-world assets or objects where the mainstream already understands the value and utility. In other words, NFTs are simply the next-gen digital rights management system for these things (i.e. track who owns what) - and that is the ultimate bridge to bring the real world of digital and non-digital consumer goods worth trillions of dollars into the crypto world. That's an exciting future...
By building the core framework for NFTs, we are the gateway to this NFT world
Vera is open-sourced and decentralized. Let's build this so no centralized Big Tech will claim they are the trusted gateway to NFTs.
Haha! That's exciting!
The future of non-fungible tokens is unrivaled. I definitely see Vera at the forefront of framework pioneering.
We reinvent the global economy this way by ensuring free, open, and trustless access to it by people of all races, gender, sexuality, or creed.
Exactly! We don't want these claims to arise.
Solidly behind the Vera project!
Q5. What is Vera planning to achieve further this year?
We have released our PoC code under an open-source license, and MVP development is already underway. In Q2 we will release the PoC web app demo. Q3, continue the protocol development and release more documentation for 3rd party and open source developers to build on top of our protocol. Q1 2022 we will start integration with other Defi protocols, and design more cross-chain integration.
You have exciting things to come!
Let's move straight to the questions from our website community.
I'll hit you with all three questions at once.
Segment 2 - Website Questions
Q1. What is your strongest advantage that you think will make your team keep leading the market in the coming months and days?
Telegram Username: @Jemtran
Q2. From where can I get/buy the $Vera token? Do you have any private or public sales in the near future? If yes please give us some details on that.
Telegram Username: @Anuthakur1998
Q3. So to bring liquidity to the Vera network, what are your plans to make this possible to happen, will you consider having strategic partnerships with multiple other DeFi networks? If yes, would it be nice if you can share your thoughts about it?
Telegram Username: @Caterpillar29
I can think of many advantages Vera has over any potential competitor if any. Other than the first-mover advantage, if I were to name only 1 advantage... Many NFT projects are proposing experimental new NFT standards or protocols where they have absolutely no go-to-market strategy or idea if a real-world business would even care to use it (or NFTs in the first place). Without endorsement and acceptance by a real-world asset-related business, the project has no true value. Vera is built by engineers that have worked with real companies that actually generate revenue using blockchain technologies for several years and we are positioned to build a Decentralized Infrastructure that has a viable go to market strategy to help NFT DApps get created with less tech complexity and financial risks - which is exactly what's needed for the market to discover a fit for NFT utility.
Vera plans to do a public IDO platform launch soon in the first week of July. Please stay tuned for the platform - we cannot disclose it at the moment!
We will go on DEX and CEX with the help of our strong backers so do not worry about no liquidity. We appreciate the community support and want to focus on building the project. Just like how Bitcoin allows strangers to exchange value in a trustless way, Vera will allow strangers to exchange asset ownership (in the form of NFTs) in a trustless way. Don't miss out~
A minute for the community to digest the answers.
Can you please share links to your socials so the community can keep in touch with events at Vera?
👉 Follow Vera Network Twitter:
👉 Join Vera Network Telegram:
👉 Vera Website:
Ready for the next segment? There are three questions from our Twitter community.
Segment 3 - Twitter Questions
Three questions coming up.
Q1. What are the ways on how we can earn your $VERA token aside from buying it and what benefits us from investing in your platform for the long term? Also what we can do in holding your tokens, can we stake & farm them?
Twitter Username - @Wormz29
Q2. Most investors just want to enjoy the monthly growth of their money, so what are the highlights of the project to attract investors to join you?
Twitter Username - @Kun74301476
Q3. How did you strategize to make the Vera coin more valuable as time progresses, and will you use supply-reducing tools such as burn and buyback?
Twitter Username - @chauhan20
Q1. Vera recently completed its private sale. We are working on finalizing an incentive model that allows the community to earn rewards for staking/holding on to Vera tokens. We do not have more details at the moment.
Q2. The first Q1 answer can answer your question.
Q3. These features are all being explored at the moment.
Now, we will open up the group for about a minute for the live community to send in their questions.
Four great questions will be selected by you.
Dear Community members, please see the pinned tweet for rules.
Copied questions will be disqualified.
Multiple questions in 1 minute are not allowed.
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
Revenue is an important aspect for all projects to survive and maintain the project/company. What are your plans and ways to generate profit/revenue from the token? Regarding this, please explain your income model?
I agree. However, a project must also focus on increasing the value of its token over time.
Regarding revenue, NFT software development is the MOST lucrative revenue generator for blockchain development companies right now because NFT use cases can apply to almost all sectors of the economy. Vera will position itself to be also the Decentralized Dapper Labs of NFTs have no problem expecting to generate revenue from our services.
From what I've read, platforms powered by Polkadot will play a big role in the future of blockchain. Vera is one of them. What is the importance of Polkadot's support for VERA?
We support Polka smart contracts - in fact, a big PolkaDot foundation supported us with a grant. But we have plans to support other chains as well like Polygon and Solana.
Vera protocol says one challenge the project faces is attracting developers to build NFT DeFi on Vera Ecosystem, so do you think you would be able to overcome this great challenge? If yes, how do you plan to go about it?
We are one of the first developer-centric projects in the NFT space to make building NFT DeFi DApps easier and faster for developers. We also have an existing global network of developers to leverage from not to mention the resources provided to us by our top backers.
When we make comparisons between Vera Network and Ethereum Network on the cost to issue NFts of my assets, which one is more costly and less costly and why?
This is why Vera plans to support other chains with fewer gas fees. If our clients must use Ethereum we have various level 2 scalability solutions to help them manage gas fees as well.
4️⃣ Questions done!
We are right on time!
Thank you @denis_lam for your time with us today.
I have learned a great deal about NFTs and the endless possibilities of this new but powerful market!
Send our warm regards to the rest of the hardworking team back at the Vera Network.
We hope to see more from you in the near future.
We will stay updated via these links.
👉 Follow Vera Network Twitter:
👉 Join Vera Network Telegram:
👉 Vera Website: